Foreclosure/forbearance relief extensions, global fund dives into U.S. housing, prime time for proptech, buying Big Apple by the bushel while Palm Beach picks up the pieces.
Today on Millionacres
The Biden administration announced yet another COVID-19-related relief effort today, extending both the ban on foreclosures and mortgage forbearance options for holders of HUD, VA, and USDA-backed loans.
Why it matters: This is yet another move to help struggling homeowners. Fannie Mae (OTCMKTS: FNMA) and Freddie Mac (OTCMKTS: FMCC) loans recently got the same relief. And those who don’t have a government-backed loan may benefit from the pending stimulus bill in Congress that includes a $10 billion Homeowners Assistance Fund.
Varde Partners has made a big move in the U.S. housing market, putting over $250 million toward three different transactions that each highlight major growth trends within housing.
Real estate technology, or proptech, is the use of technology to drive efficiencies in real estate, ultimately leading to improved asset returns, reduced friction, and greater transparency.
Why it matters: Investors can not only use these tools for themselves, but they can invest in the companies providing them through crowdfunding — even the start-ups. Millionacres’ Jeff Piltch shares insight here on some candidates for both.
Also in Today’s News
The Wall Street Journal [subscription required] reports today that Manhattan‘s pulverized condominium market is opening the door for investors willing to buy individual apartments wholesale. They aim to pick up anywhere from three to 100-plus condos at a discount to the asking price, sometimes renting them out, then selling when the market recovers from the pandemic
Why it matters: Another reminder here to strike while the iron’s hot, even if you don’t have as big an iron as the bulk buyers described here.
CNBC.com reports today that retailers, restaurants, and other business owners are opening up around Palm Beach, Florida, eyeing tax and lifestyle perks, as more people look to call South Florida home during the pandemic and beyond.
Why it matters: This piece gives names and numbers to a well-reported trend and could inspire some back-of-the-cocktail napkin (safely distanced, of course) strategizing among other real estate investors near and far.
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